In total, 2020 saw $5.6T in retail sales, an increase of 3.2% over 2019. The rapid shift in consumer habits has widened the gap between businesses with an online presence and businesses who are still relying entirely on brick-and-mortar locations. So if you are still relying on a brick-and-mortar strategy with a single-channel online presence, you need to strongly consider digital transformation in retail for your business. You may opt-out by. Retail digital transformation bring in new concept and tools for the development and ease functioning of the industry and it is about to know trends in retail 2020. If Amazon can deliver on its service promise, it will actually be delivering made-to-order apparel faster than many traditional brands can deliver off the rack. A man who recently purchased a motorcycle can try on new gear and see how it feels on the motorcycle he’s just purchased. I explore all things Digital Transformation. From keynoting on the world’s largest stages to weekly insights on Forbes, Entrepreneur and our Blog, my goal is to provide our clients with what they need to know to out innovate and turn disruption from threat, into a business model for success. Yet the shape of the retail industry has fundamentally changed, with a huge shift to digital spending and dramatically less spending on apparel. Hidden in the top-line averages was how different retail sales looked after April. Yet the shape of the retail industry has fundamentally changed, with a huge shift to … The retail industry is undergoing a major transformation in ecommerce and brick-and-mortar. Augmented Reality. For CMO’s and business leaders, investments in advanced analytics platforms that can leverage the power of machine learning and AI is critical to retail success. Technology in this area is also catching up as companies like Microsoft launch second generation augmented reality headsets, which is one of many newer, lighter headsets and wearables that will make AR more immersive for retail customers and employees. In its sixth year, the Retail Innovation Conference provides virtual access to: Sales were solid until the COVID-19 began impacting markets. I know I’ve personally abandoned my shopping cart when I realized there were no expedited delivery options available. More than three dozen apparel retailers, including Neiman Marcus, J.C. Penney, Ascena Retail Group, Tailored Brands, J. But we continue to see a bright future for the retail experience, as retailers and retail space owners partner to create exciting offerings for an increasingly discerning customer base. Retail has been rapidly evolving and 2020 will be no different. I am a fourth-generation retailer, who has been helping brands and retailers respond to digital disruption for 30 years. Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the spatial web. Companies like Target, Lowe’s and Amazon have found that augmented reality may be especially helpful in decreasing the number of returns they see from online shoppers. Studies show that 88% of consumers are willing to pay for same-day (or faster) shipping. Perhaps existing members can see the outfits on real customers and click on an entire or portion of an outfit to have it included in a future delivery. I’m the Chief Commerce Strategy Officer at. That’s why, Even beyond augmented reality, we’re going to see an increasingly confusing mix of digital/virtual and reality in the coming year, especially in retail via the, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Exploring 5 Top Retail Trends At NRF 2021, How Marketers Should Sue Vendors For Ad Fraud, One Of Uber’s Lawsuits Against Ad Fraud Comes Full Circle - They Won, Gannett’s Mayur Gupta On 2021: Purposeful Profitability + Customer Obsession, Unified Marketing Framework - When To Use Which Tactic, Facebook’s Chief Revenue Officer Shares Predictions For 2021. Being able to take a photo of a dress you see someone wearing on the street -- to be able to click the purse that your favorite social media influencer is holding in her latest Instagram post -- those are the things that are going to keep e-tail booking in 2020. It’s sad to see “TO LET” boards hanging on what used to be retail stores. “Already very present in food,” this trend “will spread across all sectors, and brands must be ready for this new expectation of customers.” The "new retail" or hybrid business between physical and digital experience. New research, believed to the first survey of this scope and size to be conducted globally, reveals almost every aspect of current and future ICT plans and issues in retail today. A new decade is dawning and the pace of change continues to accelerate as we race head on into 2020. While this is one good example of putting advanced analytics to use to personalize retail experiences. Just as importantly, in my opinion, consumers didn’t have to download an app to try the experience--something that can be a huge deterrent for those of us burned out on downloading apps just to see if they’re worth downloading. Source. This is a guest blog post by Jeff Ashcroft of Supply Chain Network. Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. The now 100% virtual 2020 Retail Innovation Conference is set to deliver timely content, strategic insights and tactical best practices that will help brands and retailers secure a strong future. 04/30/2020 This is a guest blog post by Intel's Mariya Zorotovich as part of a series on innovation concepts relevant to retail. All Rights Reserved, This is a BETA experience. The retail industry was in the midst of a transformation before 2020. By codewave January 18, 2021 No Comments. I’m talking about users being able to place themselves in their favorite brands’ advertisements, being able to model their favorite brands’ clothing, and an increasing coordination of virtual experiences that will intertwine on the spatial web. GrubHub and UberEats have made eating out and eating in both fast and ubiquitous while Amazon Prime Air even promises delivery in 30 minutes or less! Adobe, reports that U.S. online purchases over the holidays grew 32.2% from 2019, totaling a record $188.2 billion as shoppers stayed home and shopped on the web during the pandemic. Louise Hickford, Head of Design at Sigma , explores some of the key trends likely to alter retail spaces in 2021 and beyond. Digital transformation is a top concern of senior leaders worldwide and motivated the development of this study. Opinions expressed by Forbes Contributors are their own. Unprecedented business closures, an intermittent supply chain, and unemployment reaching 26.5M as of April, have put the retail ecosystem at significant risk. The MarketWatch News Department was not involved in the creation of this content. I am a principal analyst of Futurum Research and CEO of Broadsuite Media Group. Amazon may have given a glimpse into the future of the apparel industry this month, when they launched a new service, “Made For You,” which uses a mobile phone camera to take 3D measurements of the customer and then makes a custom-sized T-Shirt, which ships in three to five days. They want to go to your website and be able to compare prices, styles, delivery dates, see your recommendations of things they may like even more--preferably all on one screen. There won’t be “a barrier for the customer”, “who chooses at any time … Augmented reality could mean retailers keep more of their sales because consumers more fully understand what they’re buying at point of purchase. Store traffic monitoring firm ShopperTrack reported that in December store traffic was still down over 30% from the previous year. That number spiked to almost 20% of sales in April and leveled back to about 16% by the end of the year. And I’m not just talking about virtual changing rooms. I can also see tools built by a company like Nordstrom that allows a photo of a garment to be used to pair and recommend additional items being tied to a social profile that can look at existing clothes and accessories shared and/or written about positively on public platforms. Indeed, while e-tail will hit $5 billion in value by 2021, it is estimated that 25% of purchased items are sent back. Again, AI is taking the lead in these technologies, making things like visual search possible. I’m the Chief Commerce Strategy Officer at Publicis Communications. Of course, we’ll continue to buy and wear clothes, but we’re unlikely to see brands and merchants dictate new worldwide trends like before. We recently saw, Amazon Prime taught us that shoppers are no longer willing to wait more than two days to receive their products. Even before Covid-19, the globalization of supply chain had dramatically lowered the cost of durable, fashionable apparel, and the erosion of formal business attire had reduced the number of garments many Americans needed to own. © 2021 Forbes Media LLC. Industry-wide, online sales make up 10 percent of all retail sales. It is also part of a bigger story that implores retail companies to make the investments in analytics and AI tools that allow them to know customers better and deliver better offers, in the right channel at the appropriate moment. 2020 will be the year where it is virtually unnecessary to see, feel, or test a … And they are spending significantly more during each visit, as the average ticket size during the quarter increased 27%.” When shoppers do visit a store, they are far more likely to use omni-channel amenities such as curb-side pickup. I’ve seen examples like, In digital transformation, consumers love a seamless experience. Mom and pop shops: take heart. Where you don’t need to physically experience a product before you have finally purchased it. Toyota is not the only company using this feature--far from it. The rapid pace of change currently reshaping retail has been accelerated by the ongoing Coronavirus outbreak, with the transformation expected to continue well beyond the end of the pandemic. While customers are buying more online, they are visiting stores less, picking fewer retailers and buying more in each trip. Will New Hire From Chanel Enhance L’Occitane’s Asian Prospects? The Retail Indicators Branch of the U.S. Census Bureau reports that April 2020 saw the sharpest one-month drop in retail sales on record. Photo of a man having his inside leg measured by a tailor during a bespoke suit fitting. See the complete list of speakers and sessions on the NRF 2020 Vision: Retail… For CMO’s and business leaders, investments in advanced analytics platforms that can leverage the power of machine learning and AI is critical to retail success. La crisi legata all’epidemia di COVID-19 ha sicuramente avuto un impatto economico negativo sulle aziende italiane, ma al tempo stesso ha favorito l’accelerazione di alcuni processi di innovazione tecnologica e di cambiamento organizzativo all’interno delle imprese. © 2021 Forbes Media LLC. In Poissons’ opinion, there are three trends that will shape retail in 2020: The development of responsible consumption. I see this as the next wave of social and retail integration where 360 data brings better experiences to customers through better data utilization. We’re in the midst of a pandemic on one side and the retail apocalypse on the other. More than 15k stores shut their operation in 2020, 9k+ in 2019. 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